Business Law Final Flashcards

1
Q

Agent

A

Acts as representative for another person/thing

Ex: lawyer

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2
Q

Principal

A

Person/Thing who is being represented, gives authority

Ex: Client, you company boss

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3
Q

Independent Contractors

A
  • NOT employees
  • Principal cannot have control over means of performance but what it is to be completed
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4
Q

Employees

A
  • ARE employees
  • Principal controls manner and means of agents performance
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5
Q

Creating a Principal and Agent Relationship

A
  1. Express Agreement
  2. Implied Agreement
  3. Agency by Estoppel
  4. Agency by Ratification
  5. Agency by Court
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6
Q

Express Agreement

A

Clear, unambiguous agreement with the creation of an agency

  • must be oral or written
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7
Q

Alberty v. Puerto Rico

A

Was an I.C. and believed she was an employee of the company,
- Need to define the factors that make a person an employee or not

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8
Q

Agency Implied Agreement

A

Not explicitly stated, inferred through actions, assume, conduct or nature of the relationship

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9
Q

Ratification after the fact

A

One party accepts actions of another person AFTER the act happened (without prior authorization)
- must be fully aware and ACCEPT it

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10
Q

Agency of Estoppel

A

Agency is created because there was a reliance on the agency, principal denied or accepted the agency

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11
Q

Agency by Court

A

when a court creates an agency through an order, can force somebody to be an agent

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12
Q

Terminating Agency Relationship

A
  1. Mutual Agreement
  2. If act is full-filled
  3. Lapse
  4. If a duty is breached
  5. Unilateral
  6. Death or Incapacity
  7. Material Change
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13
Q

Undisclosed

A

agency exists but does want identity to be known to a third party, acts on their behalf

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14
Q

Power of Attorney

A

giving someone FULL power to act on you behalf or for you

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15
Q

Land

A

structures, building, things on property

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16
Q

Chattels

A

Personal Property things

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17
Q

Intellectual Property

A

Copyrights, trademarks, patents

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18
Q

Sale of Property

A

Tangible or intangible transfer of good for a price

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19
Q

Gift of Property

A

property given
- Delivery/ Actual Transfer of the Item
- Intent to give as gift
- Acceptance

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20
Q

Will / Descent of Property

A

Property obtained through death or stated in will

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21
Q

Accession of Property

A

Taking someone elses (chattel) property and adding value
- Good faith
- Addition of Labor
- Increases value?

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22
Q

Confusion of Property

A

when whoever owns the property becomes so confusing and people cannot identify

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23
Q

Possession of Property

A

Can acquire property through abandonment, mislaid, or possession

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24
Q

Fasces

A

symbol of ancient Rome (and USA), bundle of sticks

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25
Q

Fee Simple Absolute

A

when EVERYTHING of property is going from A to B (no strings attached)

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26
Q

Transfer Fee Simple

A

Whatever A owns goes to B (sale, gift, or will)

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27
Q

Reverter Interest

A

A to B for B’s lifetime

give _ to B, if B dies –> back to A

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28
Q

Life Estate Pour Autre Vie

A

A to B for C’s Lifetime

give _ to B, if C dies –> back to A

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29
Q

Vested Remainder Interest

A

A to B for C’s life, then to D

give _ to B, if C dies –> give to D

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30
Q

Qualified Fees

A

Property transfer Ownership that has conditions to be met when transfered

Ex: sell land to be a park and park only, will be returned if used for something else

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31
Q

Contingent Remainders

A

If an act or condition is met THEN they get the property

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32
Q

Dead Hand

A

Deceased person’s control after their death

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33
Q

Defeasible Interest

A

Property that can be REVOKED if certain condition occurs

Ex: I give my farm to B, but if they marry Joe, I get it back

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34
Q

Vested Interest

A

Someone has a guaranteed right to receive property in future with no conditions

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35
Q

Ameliorative Waste

A

Changes to property that INCREASE its value but are done without permission of the owner

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36
Q

Concurrent Ownership

A

Two or More people that share ownership of property at the same time

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37
Q

Tenancy in Common

A

the default, ownership is based upon how much you contribute to the property, right of refusal

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38
Q

Joint Tenancy

A

Two or more people who own 100% of the property, right of survivorship

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39
Q

Right of Refusal

A

special relationship to buy out the other owner first before another person

40
Q

Right of survivorship

A

in the event of death, there are no tax consequences

41
Q

Deed

A

Transfers the ownership of property (actual transfer)

42
Q

Title

A

allows person to possess use and transfer property (legal concept)

43
Q

Warranty Deed

A

Seller promises to buyer they have a valid property without defects

44
Q

Special Warranty

A

Seller claims they do not have a impaired title (could potentially have defects)

45
Q

Quitclaim Deed

A

No warranties at all

46
Q

Race Jx

A

Who ever records the deed first, if two deeds were the same

47
Q

Notice Jx

A

Whoever was the most recent of purchase (if there was no knowledge of a better offer)

48
Q

Race/Notice Jx

A

Who ever gets to record first, gets possession (unless the knew of the previous owner)

49
Q

Non-possessory Interest

A

Right of use / Benefit from property without owning it or having physical possession of it
ex: an easement

50
Q

Easement

A

Non-possessory interest, a usage right of something

51
Q

Easement Appurtenant

A

Owned by land, travels with land

52
Q

Easement in Gross

A

Owned by individual, travels with individual

53
Q

Easement by necessity

A
54
Q

Adverse Possession (Squatters Rights)

A
  1. Adverse (no permission)
  2. Open and Notorious
  3. Continuous
  4. requisite Time
    (5. Maine Rule - good intent)
    (6. Pay Property Taxes)
55
Q

Eminent Domain

A

governments right to take property for public use, with Fair compensation to owner

56
Q

Leasehold estates

A

possessory interest but NO ownership

Person can occupy the property under specific time and terms

57
Q

Term Tenancy

A

Fixed time, automatically ENDs at each of the periods

58
Q

Periodic tenancy

A

Automatically renews each period (unless terminated)

59
Q

Tenancy at Will

A

no specified term, both can terminate at any time

60
Q

Tenancy at Sufferance

A

Stayed without consent, no legal right to stay there

61
Q

Tenant Duties

A
  1. Pay rent
  2. Not commit waste
  3. Maintenance
  4. Not to sublet
  5. Other on contract
62
Q

Landlord Duties

A
  1. Actual Occupancy
  2. Quiet Enjoyment
  3. Warranty of Habitability
  4. (Maintenance) - Usually transfered to the landlord
  5. Other on contract
63
Q

Dormant Commerce Clause

A

IMPLIED power on states from passing laws that go against interstate commerce

64
Q

Awake Commerce Clause

A

Explicit power from congress to regulate interstate commerce

65
Q

Commerce Clause

A

Congress the power “to regulate commerce with foreign nations, among states, and with the Indian tribes

66
Q

1st

A

Speech, Press, religion, assembly, petition

67
Q

2nd

A

Bearing Arms

68
Q

3rd

A

Quartering Soilders

69
Q

4th

A

Search and Seizure

70
Q

5th

A

Rights of the Accused (due process, double jeopardy, self incrimination)

71
Q

6th

A

Speedy and Fair Trial

72
Q

7th

A

Jury in Civil Cases

73
Q

8th

A

No cruel and unusual punishment

74
Q

9th

A

Other rights retained by the people

75
Q

10th

A

Powers reserved to the states and people

76
Q

13th

A

Abolish Slavery

77
Q

14th

A

Citizens and Equal Protection

78
Q

15th

A

Voting Rights for all races

79
Q

16th

A

Income Tax

80
Q

17th

A

Direct Election of Senators

81
Q

18th

A

Prohibition

82
Q

19th

A

Womens Suffrage

83
Q

20th

A

Date for New President (January 20th)

84
Q

21st

A

Repeal of Prohibition

85
Q

22nd

A

Presidential Term Limits

86
Q

23rd

A

DC Voting Rights
(twenty three rhymes with DC)

87
Q

24th

A

No Poll taxes

(twenty four - no tax at the door)

88
Q

25th

A

Presidential Disability and Succession

(25 what to do if he aint alive)

89
Q

26th

A

Voting Age lowered to 18

(26 - 6 - 2 = 18 years old)

90
Q

27th

A

Congressional Pay Increases

91
Q

11th

A

No Lawsuits against states

(1 vs 1)

92
Q

12th

A

President and VP must voted seperatly

(1 ballot -> 2 ballot)

93
Q

Bailment

A

Temporary transfer or personal property
- Actual transfer of possession
- Delivery to bailee
- Expected to be returned in same condition

94
Q

Bailors Sole Benefit

A

Person who owns benefits (watching)

95
Q

Bailees Sole Benefit

A

Person who is borrowing benefits (borrowing)

96
Q

Mutual Benefit

A

Both bailee and bailor benefit